It raised its growth forecast for the Scottish economy to 2.4% this year.

The figure is 0.7% higher than its previous prediction in December.

However, the economic forecaster warned the independence referendum carried economic risks regardless of which way Scots vote in September.

Further growth of 1.9% in 2015 and 2016 but would leave Scotland trailing behind the UK as a whole.

It forecast UK growth at 0.5% higher than Scotland's in both 2014 and 2015.

The group also predicted 45,000 new jobs would be created in Scotland this year, and 33,000 in 2015.

But it suggested it revealed that it could be 2018 before the nation's employment rate returned to the levels seen before the financial crisis.

Dougie Adams, senior economic advisor to the item club, said: "This year is shaping up to be the best for Scottish economic growth since the onset of the financial crisis, with business investments and exports adding momentum to the consumer-driven recovery.

"A handful of sectors including transport, food services and retail are expected to create employment while public administration and manufacturing shed jobs.

"We expect financial services, education and health to tread water."

Average house prices in Scotland are also predicted to rise by nearly 7% this year and by a further 5% in 2015.

This would mean the average price in Scotland is likely to be about 67% of the UK average in 2015.

The forecaster warned that the predictions were subject to international and home-grown risks, including the independence referendum.

It said Yes vote would cause business uncertainty on issues such as currency and Europe.

However, a No vote would bring the Scottish Parliament more tax powers, changing the UK's economic landscape, it warned.

Mr Adams added: "Both sides of the debate have produced anecdotes galore, but available data doesn't provide any significant signals of the economic impact from uncertainty engendered by the referendum."

"Some businesses may be adopting a short-term 'wait and see' approach to big decisions about investment.

"While a Yes vote would usher in an inevitable period of uncertainty, the likely transfer of further powers following a No vote would also mean that the impact of constitutional change would remain on the business agenda."